Government Savings Bank (GSB) is set to launch a non-bank business to offer digital personal loans and digital nano-finance services in the third quarter of this year, with a view to pushing down interest rates in the market for both services by 5%, said president Vitai Ratanakorn.
At present, the ceilings of personal loan and nano-finance rates stand at 25% and 33%, respectively.
Mr Vitai said the GSB board of directors had approved the plan to launch the non-bank business, which is applying for a licence from the Bank of Thailand.
The digital personal loan service is aimed at serving freelancers who cannot access financial institutions’ loans due to their lack of a substantial income or evidence of their financial standing, he said.
The nano-finance services would tap small merchants, he said.
Mr Vitai said that, in future, those who are not qualified to apply…
